According to new data from TransUnion, U.S. auto loans 60-days past due rose 11.5 percent in the second quarter. Blame a slowing economy and seasonal trends, says TransUnion, but this quote struck me:
"In some states there’s a lack of home equity," he noted. "Folks have less access to home equity to finance auto purchases," which has led to more people taking out car loans.
Lower home equity so more money from car loans. Does no-one have, you know, savings any more? Apparently not. Then again, I’m so old-fashioned that I cringed and veered wildly today while driving when I heard U.S. Bank’s ads on California radio where they extol the virtues of using your house as a bank to pay for your second honeymoon. Say what? Have you people checked the calendar?